The Assessment District is located in the Southern Portion of the City on the Balboa Peninsula in an area generally bounded by 44th Street, the channel east of River Avenue, 38th Street and Balboa Boulevard. There are 82 parcels in the Assessment District with unpaid assessments securing the Bonds. The property in the Assessment District is zoned residential and all parcels with unpaid Assessments have been developed.
Bond proceeds will primarily be used to provide financing to underground power, telephone and cable facilities in Improvement Area. The underground utility improvements will provide conversion to an upgraded utility system and will enhance neighborhood aesthetics, safety and reliability.
Schedule of Sources and Uses:
|Par Amount of Bonds||$1,575,000|
|Less Net Original Issue Discount||(9,029)|
|Less Underwriter's Discount||(25,434)|
|Improvement Fund (1)||$1,312,893|
|Costs of Issuance Fund (2)||171,381|
|Interest Account (3)||4,150|
(1) Amounts to be used to finance the construction of the Improvements.
(2) Includes costs of issuance, such as Fiscal Agent, Municipal Advisor, Bond Counsel and Disclosure Counsel fees and costs, printing costs and other related costs for the issuance of Bonds, reimbursable expenses of the City, certain upfront design and engineering costs and the costs of the formation of the Assessment District.
(3) To fund interest on the Bonds through approximately September 2, 2019.